Terra Luna Classic Supports Parameter Change Proposal, LUNC Price Dump Coming?

Varinder Singh
April 17, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Why Is Luna Classic (LUNC) Price Skyrocketing Today?

Terra Luna Classic community votes on a key parameter change proposal to expand a Terra project on Terra Classic. While the Terra Luna Classic seeks projects to bring back utility and boost LUNC burns, the latest project needs an increase in MaxContractSize to properly upload its contract on the chain.

Meanwhile, the community contemplates whether changing the proposal has any impact on the stability of the chain. LUNC price continues to remain under pressure as core developers Edward Kim and Tobias Anderson leave the Joint L1 Task Force developer group.

Advertisement
Advertisement

Terra Luna Classic Community Votes on LUNC Parameter Change Proposal

Proposal 11477 “Increase MaxContractSize to upload code” submitted by TerraPoker aims to increase of key on Cosmos Wasm MaxContractSize to 819200 from 614400. This will allow the protocol to upload its contract on the chain.

TerraPoker in a tweet on April 17 revealed that the project needs community support to launch on the Terra Classic chain. It is proposing an increase of key MaxContractSize to 819200 from 614400.

“We believe that the adjustment will not only welcome Terra Poker into the Terra Classic ecosystem, but also be a welcoming invitation for other protocols as well. We therefore request the LUNC Community’s most favourable consideration.”

Until now, the proposal has received 45% of votes in favor and 55% have voted Abstain. The current sentiment in the LUNC community suggests the proposal will likely pass as the community seeks to increase utility on the chain and boost LUNC burn.

Developers have confirmed the contract size change will not have any impact. However, some believe an abnormal increase in gas fees and contracts not executing on the servers as memory size will exceed current network or server resources.

Terra Luna Classic community facing a minor crisis as core developers Ed Kim and Tobias “Zaradar” Andersen left the Joint L1 Task Force developer team.

LUNC price fell 2% in the last 24 hours, with the price currently trading at $0.000125. The 24-hour low and high are $0.000124 and $0.000128, respectively. Furthermore, the trading volume has decreased by 25% in the last 24 hours, indicating a decline in interest among traders.

Also Read: Binance BNB Token To Hit $400 After Major Upgrade This Month

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.